Meanwhile, Florida’s governor and insurance
commissioner have downplayed the fact that an average 15 percent reduction
for homeowners is less than what was previously forecast.

The final verdict should come in about a month after
Florida’s 190 or so property insurers file their so called “true-up”
calculations. Those filings will show insurers true cost of buying
reinsurance, or insurance for insurance companies.

The state’s insurance reform plan lowers rates by
selling insurers discounted reinsurance. But the first five companies to
make rate filings have canceled announced rate reductions and instead want
to raise rates!

Then, there’s the matter of the Nationwide
Insurance Co. which recently won a arbitration panel decision awarding it
a 54 percent increase. The insurer is proposing a 4 percent rate discount
off that increase as part of its reinsurance rate filing with regulators.

Of course, these filings have to be approved by
Insurance Commissioner Kevin McCarty, who is promising a rigorous review.

It
could all get very interesting, especially given the governor and
insurance commissioner’s determination to bring lower rates to the
state.